(TheNewswire)
Saskatoon, Saskatchewan – TheNewswire - July 15, 2022 – UEX Corporation (TSX:UEX ) , ( OTC:UEXCF) (“ UEX ” or the “ Company ”) is pleased to announce thatDenison Mines Corp. (“Denison”), the operator of the Wheeler RiverJoint Venture (“WRJV”), has reported that it has received approvalfrom the Province of Saskatchewan to prepare, construct, and operatethe facilities required to carry out the In-Situ Recovery (“ISR”)Feasibility Field Test (“FFT”) planned for the Phoenix Deposit. The WRJV is 10% owned by JCU (Canada) Exploration Company, Limited(“JCU”) and 90% by Denison. JCU is 50% owned by UEX.
The Saskatchewan Minister of Environment approvalauthorizes the operation of “pollutant control facilities” typicalfor mining operations and allows for the management of materialrecovered from mineral extraction through to waste water treatment,discharge, and storage. This approval authorizes the constructionof the FFT facilities, which is expected to commence shortly.
The Canadian Nuclear Safety Commission has determinedthat a Nuclear Substance License will be required to possess and storea nuclear substance resulting from the operation of the FFT (in thiscase mineralized solution containing uranium). Denison reports thatthe process to obtain this license is well advanced, and it isexpected to be received before the site preparation and commissioningactivities are completed.
Further details and results of the Phoenix FFT approvalcan be found in Denison’s news release dated July 12, 2022 and filedon Denison’s profile on SEDAR.com
QualifiedPersons
The technical information in this news release has beenreviewed and approved by Roger Lemaitre, P.Eng., P.Geo., UEX’sPresident and CEO, who is considered to be a Qualified Person asdefined by National Instrument 43-101.
AboutUEX
UEX is a Canadian uranium and cobalt exploration anddevelopment company involved in an exceptional portfolio of uraniumprojects.
UEX’s directly-owned portfolio of projects is locatedin the eastern, western and northern perimeters of the AthabascaBasin, the world's richest uranium belt which in 2020 accounted forapproximately 8.1% of the global primary uranium production. Inaddition to advancing its uranium development projects through itsownership interest in JCU, UEX is currently advancing several otheruranium deposits in the Athabasca Basin which include the Paul Bay,Ken Pen and ?rora deposits at the Christie Lake Project , the Kianna,Anne, Colette and 58B deposits at its currently 49.1%-owned Shea CreekProject, the Horseshoe and Raven deposits located on its 100%-ownedHorseshoe-Raven Development Project and the West Bear Uranium Depositlocated at its 100%-owned West Bear Project.
UEX is also 50% owner of JCU. JCU’s portfolio ofprojects includes interests in some of Canada’s key future uraniumdevelopment projects, notably a 30.099% interest in Cameco’sMillennium Uranium Development Project, a 10% interest in Denison’sWheeler River Project, and a 33.8123% interest in Orano Canada’sKiggavik Project, located in the Thelon Basin in Nunavut, as well asminority interests in nine other grassroots uranium projects in theAthabasca Basin.
UEX is also leading the discovery of cobalt in Canada,with three cobalt-nickel exploration projects located in the AthabascaBasin of northern Saskatchewan, including the only primary cobaltdeposit in Canada. The 100% owned West Bear Project hosts the WestBear Cobalt-Nickel Deposit, the newly discovered Michael Lake Co-NiZone, and the West Bear Uranium Deposit. UEX also owns 100% of twoearly-stage cobalt exploration projects, the Axis Lake and Key WestProjects.
FOR FURTHERINFORMATION PLEASE CONTACT
Roger Lemaitre
President & CEO
(306) 979-3849
Forward-LookingInformation
This news release contains statements that constitute"forward-looking information" for the purposes of Canadiansecurities laws. Such statements are based on UEX's currentexpectations, estimates, forecasts and projections. Suchforward-looking information includes statements regarding the WestBear Co-Ni Property, the Christie Lake Property drill program, theHidden Bay Property, the Shea Creek Property, UEX's drill holeresults, uranium, cobalt and nickel prices, outlook for our futureoperations, plans and timing for exploration activities, and otherexpectations, intentions and plans that are not historical fact. Suchforward-looking information is based on certain factors andassumptions and is subject to risks, uncertainties and other factorsthat could cause actual results to differ materially from futureresults expressed or implied by such forward-looking information.Important factors that could cause actual results to differ materiallyfrom UEX's expectations include uncertainties relating to the,interpretation of drill results and geology, assay confirmation,additional drilling results, continuity and grade of deposits,fluctuations in uranium, cobalt and nickel prices and currencyexchange rates, changes in environmental and other laws affectinguranium, cobalt and nickel exploration and mining and other risks anduncertainties disclosed in UEX's Annual Information Form and otherfilings with the applicable Canadian securities commissions on SEDAR.Many of these factors are beyond the control of UEX. Consequently, allforward-looking information contained in this news release isqualified by this cautionary statement and there can be no assurancethat actual results or developments anticipated by UEX will berealized. For the reasons set forth above, investors should not placeundue reliance on such forward-looking information. Except as requiredby applicable law, UEX disclaims any intention or obligation to updateor revise forward-looking information, whether as a result of newinformation, future events or otherwise.
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